My company served as lead financial advisor
to the Federal Housing Administration between 1994 and 1997.
I watched both the Administration and the Federal Reserve
aggressively implement the policies that engineered the
housing bubble. These are described at my website and in my
on-line book,Dillon Read & the Aristocracy of Stock
Profits (http://www.dunwalke.com).

One story, for
example, is the following:

“In 1995, a senior Clinton
Administration official shared with me the
Administration’s targets for Fannie Mae and Freddie Mac
mortgage volumes in low- and moderate-income communities. We
had recently reviewed the Administration’s plans to
increase government mortgage guarantees — most of these
mortgages would also be pooled and sold as securities to
investors. Even in 1995, I could see that these plans would
create unserviceable debt loads in communities struggling
with the falling incomes expected from globalization.
Homeowners would default on mortgages while losses on
mortgage-backed securities would drain retirement savings
from 401(k)s and pension plans. Taxpayers would ultimately
be hit with a large bill . . . but insiders would make a
bundle. I looked at the official and said that the
Administration was planning on issuing more mortgages than
there were houses or residents. “Shut up, this is none of
your business,” the official snapped back.”

One of
the dirty little secrets behind the housing bubble is the
long standing partnership of narcotics trafficking and
mortgage fraud and the use of the two in combination to
target and destroy minority and poor communities with highly
profitable economic warfare. This model is global. It is
operating in counties throughout the world as well as in US
communities.

Of all the actions that the Federal Reserve
took to engineer this housing bubble, the one that I would
note is Mr. Greenspan’s efforts to pacify Congresswoman
Waters regarding allegations of government sponsored
narcotics trafficking at a time when open Congressional
hearings would have contributed to an important discussion
of the operations engaging in mortgage fraud in minority
communities. See, “Financial Coup d’Etat,” Chapter
16, Dillon Read & the Aristocracy of Stock
Profits which was written in 2005 and published in
April 2006, drawing from an article I first published in May
1999.

“On December 18, 1997, the CIA Inspector General
delivered Volume I of their report to the Senate Select
Committee on Intelligence regarding charges that the CIA was
complicit in narcotics trafficking in South Central Los
Angeles. Washington, D.C. ’s response was compatible with
attracting the continued flow of an estimated $500
billion–$1 trillion a year of money laundering into the
U.S. financial system. Federal Reserve Chairman Alan
Greenspan in January 1998 visited Los Angeles with
Congresswoman Maxine Waters — who had been a vocal critic
of the government’s involvement in narcotics trafficking
— with news reports that he had pledged billions to come
to her district. In February Al Gore announced that
Water’s district in Los Angeles had been awarded
Empowerment Zone status by HUD (under Secretary Cuomo’s
leadership) and made eligible for $300 million in federal
grants and tax benefits.”

Alan Greenspan is a liar. The
Federal Reserve and its long standing partner, the US
Treasury, engineered the housing bubble, including the
fraudulent inducement of America as part of a financial coup
d’etat. Our bankruptcy was not an accident. It was
engineered at the highest levels.

Your publication of
Greenspan’s breezy and bogus history of the housing bubble
insults your readership.

Best Regards,

Catherine Austin
Fitts

Assistant Secretary of Housing - Federal Housing
Commissioner, Bush I

*************

Mapping
The Real Deal is a column on Scoop supervised by
Catherine Austin Fitts. Ms Fitts is the President of
Solari, Inc.
http://www.solari.com/. Ms. Fitts is the former
Assistant Secretary of Housing-Federal Housing Commissioner
during the first Bush Administration, a former managing
director and member of the board of directors of Dillon Read
“ Co. Inc. and President of The Hamilton Securities Group,
Inc.

The Solari Report's mission is to help you build wealth in ways that build real wealth in the wider economy. We believe that personal and family wealth is a critical ingredient of both individual freedom and community health and wealth.

CONTACT CATHERINE AUSTIN FITTS

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